Cypress Development Announces Closing of Bought Deal Offering Including Full Exercise of Over-Allotment Option
Suite 1610 - 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.cypressdevelopmentcorp.com
TSX Venture Exchange Symbol: CYP
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
NEWS RELEASE
March 22, 2021
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Cypress Development Announces Closing of Bought Deal Offering
Including Full Exercise of Over-Allotment Option
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF)
(Frankfurt: C1Z1) (“Cypress” or “ the Company”) is pleased to announce that it has
closed its previously announced and upsized “bought deal” public offering of units of
the Company (the “ Units”) with PI Financial Corp. as the sole underwriter and
bookrunner (the “Underwriter”). The Underwriter exercised the over-allotment option
in full and as a result the Company issued a total of 15,640,000 Units at a price of
C$1.25 per Unit for gross proceeds of C$19,550,000 (the “ Offering”). Each Unit
consists of one common share (each, a “Common Share”) and one warrant (each, a
“Warrant”). Each Warrant shall be exercisable for one common share (each a
“Warrant Share”) at an exercise price of C$1.75 until March 22, 2024.
The net proceeds from the Offering are expected to be used by the Company to fund
ongoing work on the Company's Clayton Valley Lithium Project in Nevada and for
general working capital purposes.
The Units, Common Shares and Warrant Shares have not been, nor will they be,
registered under the United States Securities Act of 1933 , as amended and may not
be offered or sold in the United States or to, or for the account or benefit of, U.S.
persons absent registration or an applicable exemption from the registration
requirements. This news release does not constitute an offer of secu rities for sale in
the United States.
About Cypress Development Corp.
Cypress Development Corp. is a publicly traded exploration company focused on
developing the Company's 100% -owned Clayton Valley Lithium Project in Nevada.
Exploration and development by Cypress discovered a world-class resource of lithium-
bearing claystone adjacent to the Albemarle Silver Peak mine, North America's only
lithium brine operation. The size of the resource makes the Clayton Valley Project a
2
premier source that has the potential to impact the supply of lithium for the fast-growing
global energy storage battery market.
Clayton Valley Lithium Project, Nevada Claims Map:
cyp_cypress_-_albemarle_properties_map.jpg (1060×706)
(cypressdevelopmentcorp.com)
To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website
at www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Don Myers
Cypress Development Corp.
Director, Corporate Communications
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward -looking
statements". All statements in this release, other than statements of historical facts, that
address events or developments that management of the Company expects, are forwa rd-
looking statements. Although management believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance, and actual results or developments may differ m aterially
from those in the forward-looking statements. The Company undertakes no obligation to update
these forward -looking statements if management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause actual results to differ materially from those
in forward-looking statements, include market prices, exploration and development successes,
continued availability of capital and financing, and general economic, market or business
conditions. Please see the public filing s of the Company at www.sedar.com for further
information.